Reliance Industries said to win US licence for Venezuelan oil | Business News

Reliance Industries has reportedly secured a U.S. license to purchase Venezuelan oil, marking a significant development in the global oil market. According to sources, Reliance acquired two million barrels of Venezuelan crude from the trading firm Vitol. This acquisition is seen as a strategic move that could potentially reshape supply dynamics, given the restrictive sanctions previously placed on Venezuelan oil exports by the U.S. The acquisition aligns with Reliance's broader strategy to diversify its energy portfolio and strengthen its global supply chain. By tapping into Venezuelan crude, Reliance could bolster its refining operations, which are among the largest in the world. The U.S. license is crucial as it navigates the complex geopolitical landscape, allowing Reliance to legally engage in transactions that had been off-limits under past sanctions. This development might pave the way for other companies to follow suit, potentially easing the economic situation in Venezuela by opening new channels for its oil exports. Analysts suggest that this could lead to increased competition in the oil market, prompting shifts in pricing and trade relationships. As the situation unfolds, stakeholders will be keenly observing the impact of this transaction on both regional and global levels.

— Authored by Next24 Live